The factbox devoted to two years of the so-called Magnitsky Act passed by US Senate. This act allows Washington to deny visas and freeze assets of Russian officials allegedly involved in the death of Russian lawyer Sergei Magnitsky. Five years ago, on November 16, 2009, Sergei Magnitsky, a tax and… – Continue reading
Despite earlier promises to vote in favour, many choose to abstain in the Lower House The approval of a bicameral congressional inquiry into tax evasion received almost no opposition support early yesterday morning — an about-face for some lawmakers who had initially said that they would support the probe into… – Continue reading
A Swiss banker accused of helping American clients cheat on their taxes is a fugitive who must show up in a New York courtroom if he wants bail, U.S. prosecutors argued in a legal filing. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and… – Continue reading
PwC Nigeria, a leading professional services firm, has challenged financial institutions operating in Nigeria and the sector’s regulators on the need to develop a regulatory framework to drive the implementation of the Foreign Account Tax Compliance Act (FATCA) in the country. Andrew S. Nevin, a partner at PwC Nigeria and… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/e3cae272-73d4-11e4-82a6-00144feabdc0.html#ixzz3LIqHN5hj A seafront car park in St Peter Port overlooked by Guernsey’s… – Continue reading
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on Congress to reject the tax extenders package that includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes. The tax extenders are a set of 54 temporary tax breaks, which are ostensibly designed to… – Continue reading
Economy December 04, 17:06 UTC+3 Vladimir Putin announced an all-out amnesty for offshore capital to return Russian capital from foreign jurisdictions MOSCOW, December 4. /TASS/. Russia’s moratorium on tax hikes and western sanctions that provoked a cautious attitude to money from Russia will facilitate offshore capital amnesty announced by President… – Continue reading
What Managers of U.S. and Non-U.S. Investment Funds Should Do Today FATCA1 went into effect on July 1, 2014 and will be phased in through January 1, 2017. During that period, varying compliance deadlines apply to different types of U.S. and foreign funds. Several important deadlines will occur in December… – Continue reading
Former tánaiste Mary Harney last night denied she halted a probe into offshore tax accounts because prominent PD Des O’Malley’s name was on a list of people allegedly involved and that every opportunity had been afforded the investigation to finish its work. “I am satisfied that correct procedures were followed… – Continue reading
Public Accounts Committee is questioning the Revenue Commissioners All files drawn up by a whistleblower into alleged tax evasion by former senior politicians were fully examined and followed up, the chairman of the Revenue Commissioners has said. Addressing the Dáil Public Accounts Committee, Josephine Feehily said all material on the… – Continue reading
The Swiss voted down the initiative “Save Our Swiss Gold” on Sunday, November 30, by a margin of three to one, rejecting efforts to shore up the Swiss National Bank’s (SNB) balance sheet. Switzerland, a direct democracy, entertains an average of five such referendums every year, and most of them… – Continue reading
DELHI – Mauritius has overtaken Singapore as the largest source of foreign direct investment (FDI) in India, it was announced earlier this week. During the April-September period, Mauritius emerged as the strongest contributor of investment with an inflow of $4.19 billion. During the same period, Singapore provided $2.41 billion in… – Continue reading
Enda Kenny responds to Mary Lou McDonald’s listing of allegations against ex-ministers The Garda fraud unit is investigating allegations that former government ministers had offshore accounts, Taoiseach Enda Kenny told the Dáil. “They will make their decisions and follow through on that,’’ he said. The Taoiseach was responding to Sinn… – Continue reading
Swiss Ambassador to India Linus von Castelmur on Wednesday said it would not be possible for his government to work with stolen data and entertain “fishing expeditions” while dealing with the issue of tracing Indian black money holders. “We signed a double tax avoidance treaty with India in 2011 that… – Continue reading
Dec 3 (Reuters) – A Luxembourg court on Wednesday confirmed that a holding company of Portugal’s Espirito Santo family could not receive bankruptcy protection. Rioforte Investments, whose assets include many of the family’s holdings in real estate, hotels and plantations, had appealed against an earlier decision by a Luxembourg court… – Continue reading
With the expansion of business globally and mobilisation of investments, businesses are facing challenges on managing their cash flows, funds, and financial risks to increase competitiveness. Having a “treasury centre” is one of the solutions. A treasury centre helps a business significantly reduce its transaction costs and increase financial efficiency…. – Continue reading
Chancellor George Osborne has announced a new 25 per cent tax on profits generated by multinationals in the UK that have been “artificially diverted” offshore. Delivering his Autumn Statement today, Osborne said he wanted to see big global businesses “pay their fair share.” He has announced that there will be… – Continue reading
Names of former politicians investigated for alleged tax evasion read into Dáil record Five former politicians named in the Dáil by Sinn Féin TD Mary Lou McDonald as having been in a dossier of alleged offshore account holders have rejected the claims. Former European commissioner Máire Geoghegan-Quinn, former Progressive Democrat… – Continue reading
Donald Grove, Contributing Editor, The Casey Report Implementation of the infamous Foreign Account Tax Compliance Act (FATCA) got underway in earnest on July 1, 2014. A cacophony of protests and warnings could be heard as that date approached, and it has only grown louder as more and more people realize… – Continue reading
Industrial & Commercial Bank of China Ltd. is marketing the largest sale of offshore yuan bonds as China pushes for the wider use of its currency as an alternative to the dollar in business and finance. The nation’s biggest lender by market value is offering about 12 billion yuan ($1.95… – Continue reading
Panel suggests reintroduction of Fringe Benefits Tax and Banking Cash Transaction Tax The Tax Administration and Reform Commission (TARC) has suggested reintroducing the Fringe Benefits Tax (FBT) and Banking Cash Transaction Tax (BCTT) to widen the tax base, minimising various tax exemptions, and staying away from amnesty schemes as these… – Continue reading
The Brazilian Federal Government decided to reduce from 20% to 17% the percentage of the maximum income tax rate required from the low-tax countries classified as “favored taxation country or dependency” (país ou dependência com tributação favorecida) or “privileged fiscal regime” (regime fiscal privilegiado). This measure was adopted by means… – Continue reading
Global banks may feel that purging their correspondent banking relationships will help them de-risk, but they should beware the unintended consequences. The Central Bank of Seychelles’ rescue of BMI Offshore Bank in November is one of the clearest examples of the impact global banks are having on smaller financial institutions… – Continue reading
It was billed as a multi-billion pound windfall for the long-suffering UK taxpayer, with HM Revenue & Customs getting its hands on a huge reservoir of untaxed “black money” stashed in Switzerland by wealthy subjects to keep it safe from the taxman. But the estimated take from what the former… – Continue reading
Ann Lenihan says she ‘has no knowledge of account’ and questions PAC’s actions The widow of former tánaiste Brian Lenihan snr wrote to Minister for Enterprise Richard Bruton on Monday demanding access to the dossier and any documents held by his department that allege there is evidence her husband held… – Continue reading
The Position to Date In July 2014, the Cayman Islands government issued The Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (the “US FATCA Regulations”), The Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (the “UK FATCA Regulations”) and the Guidance Notes on the… – Continue reading
KATADATA – Finance Minister Bambang Brodjonegoro asks exporters to refrain from tax avoidance schemes, especially transfer pricing. Tax avoidance will cause losses to the state because it reduces tax revenues. “Transfer pricing has constantly reduced our tax revenues. I urge exporters to stop this practice because it is strongly related… – Continue reading
The United States Internal Revenue Service (IRS) has provided guidance with respect to jurisdictions that have been treated as if they had a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) in existence, although that agreement has remained unsigned. Under previous US transitional FATCA rules, IGAs reached in substance… – Continue reading
Argentina and Belgium have separately accused HSBC bank’s Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The Belgian charges were filed Monday and the Argentine charges were announced Friday. HSBC, formerly known as Hong Kong & Shanghai… – Continue reading
A Canada Revenue Agency crackdown on tax-free savings accounts has some people wondering whether TFSAs will always be shielded from a federal government that might be looking to generate cash. Here’s what will get your TFSA audited by the CRA Bank of CanadaCanada’s Taxman has an audit project targeting Canadians… – Continue reading
Co-Operative Bank Plc, the U.K. lender that ceded control to its creditors last year, will probably fail Bank of England stress tests this month, Chief Executive Officer Niall Booker said. “It will come as no surprise if the bank does not meet the desired capital ratios,” Booker said yesterday in… – Continue reading
BIRMINGHAM, Mich., Dec. 2, 2014 (GLOBE NEWSWIRE) — via PRWEB – Foreign banking and foreign assets has been under intense scrutiny and the Foreign Tax Compliance Act (FATCA) passed in March 2010 has complexities many US taxpayers do not quite understand. As an account holder with foreign financial institutions taxpayers… – Continue reading
A Swiss banker accused of helping U.S. clients cheat on their taxes wants a judge to grant him bail without his having to appear first in a New York courtroom. Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was… – Continue reading
Complying with USA FATCA and UK/EU Data Protection Requirements The US Foreign Account Tax Compliance Act (FATCA), passed by Congress in March 2010, was finally implemented in July 2014. The Act makes the US the only large economy to tax its nationals on all of their earnings anywhere in the… – Continue reading
JOHANNESBURG – It has been quite difficult to keep up with the flurry of regulatory reforms in the financial services industry. Apart from the introduction of tax-free savings accounts next year and the fact that certain retirement reform regulations have been postponed, a number of other changes are also in… – Continue reading
UK chancellor George Osborne is set to unleash a new strict liability rule and higher penalties to capture those with offshore assets who are ignoring their tax obligations, according to a leading tax expert. John Cassidy, partner at audit, tax and advisory firm Crowe Clark Whitehill, predicts Osborne’s Autumn Statement… – Continue reading
Offshore accounts have made headlines recently, with 51 global jurisdictions agreeing to automatically share and exchange details of tax data. Included in this agreement is information on offshore accounts and their operational procedures. The decision brings new attention to overseas financial planning, and how top companies use offshore accounts to… – Continue reading
It feels like FATCA has been around for years already, yet some companies are still coming to terms with its implications. However, as Kirsten Morel explains, impending deadlines are now creating a real sense of urgency It’s four years since US Congress enacted the Foreign Account Tax Compliance Act (FATCA),… – Continue reading
(Updates with others banks, adds context) Dec 1 (Reuters) – Mainland listed shares in China’s big five banks jumped on Monday but later pared gains, after the country issued draft regulations to introduce a bank deposit insurance scheme for the first time. Offshore investors also reacted cautiously to the news,… – Continue reading
Top cable firm, lawmaker allegedly stashed funds in Swiss accounts Argentina’s top cable-TV operator, a former professional soccer player and a lawmaker are among the holders of some 4,000 secret Swiss bank accounts used to evade taxes, the Argentine tax agency said on Friday. The agency’s revelation came a day… – Continue reading
Tax Authority considering criminal charges against bank on suspicion of assisting Israeli clients evade taxes. It has been disclosed that Roni Elias is the high-ranking Israeli at the Swiss-based bank UBS who was arrested this summer on a visit to Israel on suspicion of helping Israeli clients evade taxes. The… – Continue reading
Lloyds Banking Group’s insurance arm Scottish Widows has put its offshore investment and tax planning business up for sale in the latest sign that dealmaking in the sector is heating up. Several parties have expressed an interest in the Isle of Man-based operation, which manages about £5bn of policyholders’ funds,… – Continue reading
Even though it was the French tax office that handed over encrypted information to AFIP head Ricardo Echegaray, the source of the revelations was former HSBC employee and whistleblower Hervé Falciani, a man responsible for giving the details of up to 130,000 Swiss bank accounts he suspected were linked with… – Continue reading
Even as Finance minister Arun Jaitley on Thursday said a heavy tax regime was responsible for black money, his ministerial colleague M Venkaiah Naidu told parliament amidst uproar that BJP had never promised to bring back black money stashed aboard in first 100 days of power. Reading BJP manifesto, Naidu,… – Continue reading
The revelations that global and multinational businesses have been brokering “secret” tax deals with Luxembourg to avoid paying taxes in their home countries, may be the first time an entire country has been implicated in tax avoidance collusion. A cache of leaked agreements uncovered by the International Consortium of Investigative… – Continue reading
Finance Minister Arun Jaitley on Thursday said tax rates should be brought down to reasonable levels to get rid of rampant instances of evasion and to improve the environment for investments. “Our tax system has to be friendly for tax payers and that is what we are trying to do… – Continue reading
With the Opposition targeting the government on the black money issue, Finance Minister Arun Jaitley told the Rajya Sabha on Wednesday that the identity of 427 foreign account holders has been established, of which 250 have admitted to having these accounts. Replying to a debate on the issue, Jaitley said… – Continue reading
The numbers don’t lie, but when it comes to business tax avoidance they might be hiding the truth. Auckland University tax expert Craig Elliffe says IRD is reporting record high dollar figures of tax avoidance by Kiwi firms. But he doesn’t think it’s an issue of increasing crime. “I think… – Continue reading
Finance Minister Arun Jaitley Thursday said that of the 28 accounts identified in the tax-haven of Liechtenstein, income tax proceedings have been concluded against 18 “illegal” account holders and cases filed against them. Of the 28 accounts in Liechtenstein on which Germany had information, 18 accounts were illegal (najaiz). We… – Continue reading
UPDATE 1-Argentina charges HSBC with aiding tax evasion via Swiss accounts AFIP said it received the information on the secret accounts from France, which last week placed HSBC’s Swiss private banking arm under formal investigation for possibly aiding tax evasion. “We denounce the existence of an illegal platform created by… – Continue reading
